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TSX down as gold and materials weigh while loonie heads higher amid

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TORONTO — Canada’s main stock index pulled back modestly Tuesday as investors seemed to shrug off a decision by the United States to impose duties on the country’s softwood lumber.The Toronto Stock Exchange’s S&P/TSX composite index lost 34.80 points to 15,281.22, with gold and materials stocks among the biggest decliners.Late Monday, the U.S. Department of Commerce hit Canada with an additional 6.87 per cent in preliminary average anti-dumping tariffs, leaving the softwood lumber industry facing average duties of about 27 per cent.But the move turned out to be lighter than expected, which helped forestry stocks finish the day among the gainers.Shares in West Fraser Timber (TSX:WFT) were up 1.25 per cent, or 75 cents, to $60.65, while Canfor Corp. (TSX:CFP) advanced 1.41 per cent, or 27 cents, to $19.44.Todd Mattina, a chief economist with Mackenzie Investments, says the duties had been anticipated and doesn’t believe they’ll have a large impact on the financial market as a whole.“Lumber is still a very small part of Canada’s total exports and this has been a longstanding grievance between Canada and the U.S.,” said Mattina.“I think while this will certainly have an impact on certain regional companies and specific companies, from a macro and Canadian perspective I wouldn’t expect this to have a dramatic impact on the markets — even though it sorts of set a backdrop or the tone for the larger NAFTA question.”Canada, the U.S., and Mexico are expected to start negotiations for the new North American Free Trade Agreement in August.South of the border, the Dow Jones industrial average pulled back 98.89 points to 21,310.66, the Nasdaq composite index was down 100.53 points to 6,146.62, and the S&P 500 index shed 19.69 points to 2,419.38.In currencies, the Canadian dollar was trading up 0.29 of a U.S. cent to an average price of 75.83 cents US, as the August crude contract advanced 86 cents at US$44.24 per barrel.In other commodities, the August gold contract was up 50 cents to US$1,246.90 an ounce, the August natural gas contract gained two cents at US$3.07 per mmBTU, and the July copper contract added two cents at US$2.65 a pound.Follow @LindaNguyenTO on Twitter. read more

Italian shipping firm fined 4M in US waste oil dumping case

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NEWARK, N.J. — An Italian shipping company must pay a $4 million fine for dumping oily waste and other pollutants at sea and then lying about it.Federal prosecutors in New Jersey say the sentence against d’Amico Shipping Italia S.p.A. was handed down Thursday. The company pleaded guilty in April to violating the Act to Prevent Pollution from Ships.The charge involved the oil tanker Cielo di Milano, which visited ports in New Jersey, Maryland and Florida in 2014 and 2015.The Palermo-based company admitted the ship’s crew intentionally discharged bilge water and oily waste from the engine room into the sea.It also admitted falsifying and destroying records and to lying to the Coast Guard during inspections.The $4 million penalty includes $1 million in organizational community service payments to restore the coastal environment of New Jersey.The Associated Press read more

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